C3.ai (NYSE:AI) Price Target Cut to $20.00 by Analysts at Morgan Stanley

C3.ai (NYSE:AI - Get Free Report) had its target price decreased by equities researchers at Morgan Stanley from $30.00 to $20.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an "underweight" rating on the stock. Morgan Stanley's target price points to a potential upside of 3.19% from the company's current price.

A number of other analysts also recently weighed in on AI. Piper Sandler cut their price target on shares of C3.ai from $42.00 to $28.00 and set a "neutral" rating for the company in a report on Thursday, February 27th. Canaccord Genuity Group lowered their target price on C3.ai from $40.00 to $30.00 and set a "hold" rating for the company in a research note on Thursday, February 27th. Needham & Company LLC restated a "hold" rating on shares of C3.ai in a research note on Thursday, February 27th. DA Davidson lowered their price objective on shares of C3.ai from $25.00 to $18.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Finally, KeyCorp cut their target price on shares of C3.ai from $29.00 to $21.00 and set an "underweight" rating on the stock in a research report on Thursday, February 27th. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, C3.ai has an average rating of "Hold" and a consensus target price of $29.58.

C3.ai Stock Performance

Shares of AI stock traded up $0.03 on Wednesday, hitting $19.38. The company's stock had a trading volume of 2,348,902 shares, compared to its average volume of 5,207,977. C3.ai has a fifty-two week low of $17.03 and a fifty-two week high of $45.08. The stock's 50 day moving average is $23.20 and its 200-day moving average is $28.94. The company has a market capitalization of $2.57 billion, a PE ratio of -8.77 and a beta of 2.01.

C3.ai (NYSE:AI - Get Free Report) last announced its earnings results on Wednesday, February 26th. The company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.37). The business had revenue of $98.78 million for the quarter, compared to the consensus estimate of $98.12 million. C3.ai had a negative return on equity of 31.31% and a negative net margin of 79.17%. On average, research analysts forecast that C3.ai will post -2.44 earnings per share for the current year.

Insider Transactions at C3.ai

In other C3.ai news, VP Merel Witteveen sold 1,133 shares of C3.ai stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $22.25, for a total value of $25,209.25. Following the completion of the sale, the vice president now directly owns 7,287 shares of the company's stock, valued at approximately $162,135.75. The trade was a 13.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Thomas M. Siebel sold 552,422 shares of the stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $33.04, for a total transaction of $18,252,022.88. Following the transaction, the chief executive officer now directly owns 1,336,968 shares in the company, valued at $44,173,422.72. This trade represents a 29.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,446,967 shares of company stock worth $37,175,326 over the last three months. 33.54% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. FMR LLC raised its position in shares of C3.ai by 149.2% during the third quarter. FMR LLC now owns 13,994 shares of the company's stock worth $339,000 after purchasing an additional 8,378 shares during the period. State Street Corp lifted its stake in shares of C3.ai by 1.8% in the third quarter. State Street Corp now owns 2,121,391 shares of the company's stock valued at $51,401,000 after buying an additional 38,185 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of C3.ai by 8.8% during the third quarter. Geode Capital Management LLC now owns 2,216,925 shares of the company's stock valued at $53,728,000 after buying an additional 178,870 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of C3.ai by 28.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 14,400 shares of the company's stock worth $496,000 after acquiring an additional 3,161 shares in the last quarter. Finally, TT International Asset Management LTD acquired a new stake in shares of C3.ai in the 4th quarter worth about $482,000. 38.96% of the stock is owned by institutional investors and hedge funds.

About C3.ai

C3.ai, Inc operates as an enterprise artificial intelligence (AI) software company in North America, Europe, the Middle East, Africa, the Asia Pacific, and internationally. The company provides C3 AI platform, an application development and runtime environment that enables customers to design, develop, and deploy enterprise AI applications; C3 AI Ex Machina for analysis-ready data; C3 AI CRM, an industry specific customer relationship management solution; and C3 Generative AI Product Suite that enables to locate, retrieve, and present information.